With only a handful international players and several regional companies operating in several key regional pockets, the vendor landscape of the global biomedical refrigerators and freezers market is largely fragmented and immensely competitive, observes Transparency Market Research in a recent report. Despite the several regional players proving to be highly competitive in their respective territories, the leading three companies in the market - Eppendorf AG., Panasonic Healthcare Co., Ltd., Thermo-Fisher Scientific, Inc., commanded over 60% of the market in 2015.
For international vendors to strengthen their hold on the market, cost containment measures when exploring emerging markets could be a winning strategy. Collaborations and partnerships with promising regional players could also provide good growth opportunities for international companies to gain greater control on the market.
The global Biomedical Refrigerators and Freezers Market is pegged to expand at a positive CAGR of 4.2% during the period from 2017 to 2022, with the valuation of the market rising from US$3,251.634 mn in 2017 to of US$4,003.003 mn by 2022. Of the key product types in the market, the segment of plasma freezers held the dominant share of revenue in the global market in 2017. Geographically, the market in North America is likely to retain the dominant share in the global market while Asia Pacific will emerge as the fastest growing region.
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Rising Number of Blood Banks Globally to Open New Growth Avenues for Market
Some of the key factors driving the global biomedical refrigerators and freezers market are the rising demand for biopharmaceuticals and organ transplant surgeries globally and the rising government support for research activities and clinical trials. Rapidly growing geriatric population and technological advancements in biomedical refrigerators and freezers have also significantly aided the market’s growth in the past few years.
Biomedical refrigerators and freezers find extensive demand across blood banks, research laboratories, hospitals, pharmacies, and diagnostic centers. The rising numbers of blood banks globally, which led to the most demand for biomedical refrigerators and freezers in 2015, is also anticipated to drive the market during the forecast horizon.
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High Cost of Advanced Products to Make Market Expansion in Emerging Economies a Difficult Feat
However, the market could be restrained to a certain extent in the next few years owing to the high cost of biomedical refrigerators and freezers. This factor will especially bog down the market in emerging economies and will prove to be beneficial for regional players that offer low priced products. This could also further support the trend of employing refurbished equipment, which could negatively impact the market growth. Nevertheless, the market has a potential opportunity to expand owing to the rising demand for green technology-based refrigerators and freezers.
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